An aggressive bid has the cryptocurrency up 2.1% at $1,204.43 per coin as traders continue to pile in ahead of the upcoming Securities and Exchange Commission ruling on whether or not it will approve at least one of the three proposed bitcoin-focused exchange-traded funds by the March 11 deadline.

Wednesday's gain has the cryptocurrency up almost 30% so far in 2017 after it was the top performing currency in each of the past two years.

Bitcoin has had a crazy start to the year. It rallied more than 20% during the first week of 2017 before tumbling 35% amid concerns China was going to crackdown on trading. Recently, action has managed to shrug off news that China's biggest exchanges were going to start charging clients a flat fee of 0.2% per transaction and that they were going to block withdrawals.

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